Intuitive Machines (NASDAQ:LUNR) Trading Down 3.3% – Here’s What Happened

Intuitive Machines, Inc. (NASDAQ:LUNR) shares were down 3.3% on Monday . The stock traded as low as $13.69 and last traded at $13.88. 5,013,077 shares traded hands during trading, a decline of 59% from the average session volume of 12,278,877 shares. The stock had previously closed at $14.35.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Zacks Research upgraded Intuitive Machines from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 14th. Cantor Fitzgerald dropped their price target on Intuitive Machines from $43.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Canaccord Genuity Group cut their price target on Intuitive Machines from $41.00 to $39.00 and set a “buy” rating on the stock in a report on Tuesday, August 18th. Stifel Nicolaus upgraded Intuitive Machines from a “hold” rating to a “buy” rating and reduced their price objective for the company from $32.00 to $26.00 in a research report on Friday, August 14th. Finally, Bank of America upped their price objective on Intuitive Machines from $11.00 to $13.00 and gave the stock an “underperform” rating in a research note on Monday, August 31st. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Intuitive Machines currently has an average rating of “Moderate Buy” and a consensus target price of $30.50.

Intuitive Machines Price Performance

The firm’s fifty day moving average is $15.44 and its two-hundred day moving average is $21.67. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of -14.61 and a beta of 1.85.

Intuitive Machines (NASDAQ:LUNR) last released its earnings results on Thursday, August 13th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.20). The business had revenue of $206.17 million for the quarter, compared to analysts’ expectations of $212.32 million. On average, equities analysts forecast that Intuitive Machines, Inc. will post -0.6 earnings per share for the current fiscal year.

Insider Activity at Intuitive Machines

In related news, major shareholder International L.P. Advent sold 11,495,514 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $12.84, for a total transaction of $147,602,399.76. Following the sale, the insider owned 11,495,514 shares of the company’s stock, valued at $147,602,399.76. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kamal Ghaffarian sold 267,448 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $16.17, for a total value of $4,324,634.16. Following the completion of the sale, the director owned 3,494,768 shares of the company’s stock, valued at $56,510,398.56. This trade represents a 7.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,343,437 shares of company stock worth $162,658,436 over the last ninety days. Insiders own 54.10% of the company’s stock.

Institutional Trading of Intuitive Machines

Several institutional investors have recently modified their holdings of the company. Tidal Investments LLC acquired a new position in Intuitive Machines during the second quarter worth about $64,452,000. WINTON GROUP Ltd lifted its holdings in Intuitive Machines by 538.9% in the 2nd quarter. WINTON GROUP Ltd now owns 171,857 shares of the company’s stock valued at $3,676,000 after acquiring an additional 144,957 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Intuitive Machines in the 2nd quarter valued at about $1,732,000. Integrated Wealth Concepts LLC bought a new position in shares of Intuitive Machines during the 2nd quarter valued at about $88,000. Finally, Connective Capital Management LLC bought a new position in shares of Intuitive Machines during the 2nd quarter valued at about $393,000. Institutional investors and hedge funds own 72.21% of the company’s stock.

Intuitive Machines Company Profile

Intuitive Machines, Inc is a space exploration and infrastructure company headquartered in Houston, Texas. The company develops and delivers lunar missions, spacecraft, and related services for government and commercial customers, with a focus on supporting a sustainable presence on the Moon.

Its activities include lunar payload delivery, spacecraft and lander development, lunar communications and navigation services, and the collection and transmission of data from the lunar surface. Intuitive Machines’ Nova-C lunar lander is designed to transport scientific instruments, technology demonstrations, and other payloads to the Moon.

Founded in 2013 by Stephen Altemus, who serves as president and chief executive officer, Intuitive Machines has supported NASA’s Commercial Lunar Payload Services program.